FOREX: EURUSD Breaks 1.4266/79, Resumes Long Term Uptrend

EURUSD:  The pair has now turned above the 1.4266/79 levels, its key resistance level paving the way for a further strength towards the 1.4576 level, its Jan 2010 high.

We will like to see EUR hold above the 1.4266/79 levels on a daily closing basis to convince the market of further strength.

This will pave the way for more gains towards the 1.4902 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, its broken resistance at the 1.4266/79 levels should reverse roles and provide support if tested.

Other supports are located at the 1.4103 level followed by the 1.3852 level, its Mar 15’2011 low. All in all, EUR looks to strengthen further having resumed its long term uptrend.

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